Citizens Financial Services, Inc. News
Citizens Financial Services, Inc. Named One of the Nation's Top Community Banks by US Banker
MANSFIELD, Pa., July 22 PRNewswire-FirstCall — Citizens Financial Services, Inc. (OTC Bulletin Board: CZFS) holding company for First Citizens National Bank, was recently listed as one of the top 200 best performing community banks in the United States by US Banker magazine. Each year, US Banker, a magazine that covers the field of banking and finance, reviews the Return on Equity for a three year period for all publicly traded U.S. Banks asset size $1 Billion or less. This year, Citizens Financial Services, Inc. placed 154th in the nation. Our Return on Average Equity (ROAE) for 2007 was 14.38% and the three year average ROAE was 13.54%.
"This ranking is quite an honor," stated Randall E. Black, CEO and President. "What this means is, in addition to managing our operational efficiencies we have been able to maintain remarkably high returns on earnings despite the current economic conditions, stagnant consumer loan demand and regulatory burdens. This accomplishment is the result of a true team effort."
In addition to being named to the top 200 Community Banker list by US Banker, First Citizens has consistently received a 4-Star Rating from Bauer Financial, Inc., a firm that has been analyzing and reporting on the financial condition of the nation's banking industry since 1983. Find out more about the Bauer Financial rating by visiting the bank's website at firstcitizensbank.com.
The organization has experienced strong financial performance thru the first part of 2008. As of June 30, 2008, Citizens Financial Service, Inc. reported an annualized ROAE of 17.80% compared to 13.68% as of June 30, 2007. Assets have grown to over $600 million and the bank remains well capitalized. "In addition to our strong financial performance, we're also pleased that First Citizens has not been impacted by the sub-prime loan issue," stated Mr. Black. "We have simply refused to make the sort of risky loans that are at the heart of the national credit crisis. We continue to adhere to the fundamentals of safety and soundness, sound underwriting standards, due diligence and capital standards."
Citizens Financial Services, Inc. has over 1,500 shareholders. First Citizens National Bank is headquartered in Mansfield, Pennsylvania, and currently operates 16 offices in Tioga, Bradford and Potter Counties in PA, and Alleghany County, NY. For more information on First Citizens National Bank, visit www.firstcitizensbank.com.
SOURCE Citizens Financial Services, Inc.
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